The Bank of England’s monetary policy committee agreed to keep interest rates at a record low of 0.5 per cent on Thursday and to proceed with the current £50bn planned purchases of gilts over the next three months, as outlined in August.
The effectiveness of the Bank’s quantitative easing programme, under which it is purchasing most gilts from the market using newly created central bank reserves, has been criticised as ineffective because it appears to have done little to stimulate lending to households and businesses.
Bank of England holds rates at 0.5%
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